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Binance Enables Credit and Debit Card Purchases for Crypto

Binance, the world’s largest crypto to crypto exchange has recently announced its partnership with Simplex (a payment processing company) to allow Binance users to purchase cryptocurrency using credit cards. This step forward helps bridge the gap for users who wanted a more direct method to purchase bitcoin and other cryptocurrencies on Binance.

Building On Binance’s Onboarding Infrastructure

While Binance is one of the more user-friendly cryptocurrency exchanges, having to purchase bitcoin or cryptocurrencies elsewhere before transferring them to Binance wallets to begin trading was a bit too daunting of a challenge for many users new to crypto. Now, Binance has cut out the extra step for users looking to quickly purchase and trade cryptocurrencies all on the same platform. This improvement is a solid step forward and strengthens Binance’s position as the leading cryptocurrency exchange by volume traded.

To start, Binance will be allowing users to purchase bitcoin, ethereum, litecoin and XRP with credit or debit cards, with no word on whether they will be opening up other cryptocurrencies in the future.

BNB in Uptrend Despite Continuing Bear Market

Although bitcoin and the rest of the crypto markets have been taking quite a beating in this bear market, BNB (Binance Coin) has been in a steady uptrend since late November. Both the dollar and bitcoin pairing have been progressing upwards on the weekly charts (shown below), with the first significant pullback against bitcoin having come this latest week. This being said, if the rally continues it looks like BNB could eventually challenge its previous highs in the future, something that most other cryptocurrencies are very far from doing.

Binance Partners with Simplex for Payment Processing

To make this possible, Binance has partnered with online payment-processing provider Simplex. This isn’t Simplex’s first foray into the crypto space, since the company is already partners with BitMart and Mycelium, and partnered with KuCoin in late November of 2018. Simplex looks to be providing a much needed service for various cryptocurrency exchanges out there, ensuring that users can easily purchase cryptocurrency on their favourite exchanges using their credit or debit cards.

While Binance has notified that not all countries and US states will be able to take advantage of the feature, this is a limitation from Simplex’s side of things.

Talking about this partnership, it’s clear the Binance CEO Changpeng Zhao is continuously looking to push cryptocurrency adoption while improving the current systems and gateways. This partnership with Simplex helps improve both the onramp for new crypto users along with the infrastructure for existing Binance traders.

On the Binance blog’s announcement post the Binance CEO talked about how the necessity of building fiat gateways for the crypto industry’s growth: “The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

You can follow Changpeng “CZ” Zhao on Twitter @cz_binance, and to stay up to date with the latest bitcoin and cryptocurrency news be sure to follow @NewsCoinToday.